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Short-Term Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

SHORT-TERM BORROWINGS

NOTE 9 – SHORT-TERM BORROWINGS

($ in thousands)		March 31, 2022				December 31, 2021
Securities sold under repurchase agreements		$	19,035			$	15,320

The Company has retail repurchase agreements to facilitate cash management transactions with commercial customers. These obligations are secured by agency and mortgage-backed securities and such collateral is held by the Federal Home Loan Bank (“FHLB”). These securities have various maturity dates from 2022 through 2061. As of March 31, 2022, these repurchase agreements were secured by securities totaling $25.3 million. The repurchase agreements mature within one month.

The Company has borrowing capabilities at the Federal Reserve Discount Window (“Discount Window”) by pledging either securities or loans as collateral. As of March 31, 2022, there was no collateral pledged or borrowings drawn at the Discount Window.

At March 31, 2022 and December 31, 2021, the Company had $41.0 million in federal funds lines, of which none were drawn.

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- Definition

The entire disclosure for short-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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